I think that there are very few, if any, here on Piggington that have a concept of what I am talking about. I will try to explain one last time. The cast of flippers here are not people buying and holding. They are not going to rent the property out. These are locals who have a very keen eye for select local markets here. These are people who make extraordinary returns on large sums of money. What confounds me is that I personally look on this as lost opportunity while I sit here and read about how this is a losing proposition.
Again, this is no claim of a market bottom or anything like that. Of course foreclosures are rising, of course the secular depreciation cycle we are in is going to last quite awhile. Yet as sure as I am about that I am also as sure that those who warn the most about things that will “certainly happen” that are “right around the corner” are also those who are absolutely nowhere near the market right now. They have no sense at all about the reality of what is happening.
Look, don’t confuse what I am saying with, “go buy a home now because investors are doing it”. Yet while lots of you may raise the red flag about the impending doom, (which I am not sitting here and denying) there are plenty of people making alot of money. They get in and out of the market quickly and they are quite nimble. Quite frankly, business for them has never been better.